neighbor got renewal letter and check to extend lease for 3 more years.this is in nottingham twp.leased with cheasapeake its odd because lease isnt up till 4/16/16.anyone else get renewed.still waiting myself
good to know
keepthefaith, what would u suggest to do next? should my Dad contact a lawyer?
I don't know what to tell you. I'm certainly not an expert. It probably would be wise to get a legal opinion - not just any general practice atty either. If he used KWGD before, I'd go to them. If Chesapeake brought him a new contract that didn't meet the terms of the first one, Chesapeake was in the wrong. But if he's already willingly signed a new contract, he may be stuck. But like I say, I'm not an atty.
thank you, he did not sighn anything new yet, appreciate your help!
The language you're looking for is on page 3 of the contract if you have the same contract I have and I'm assuming you do.
CHK just renewed my lease in the corners of Moorefield/Athens/Cadiz townships. Received check two weeks early. I was informed that drilling is to begin in early October.
Congrats! Hope all goes well for you.
Just curious, you say you "don't need to sell anything right now to pay bills", in that case why would you want to sell 50% of your O&G rights? My thoughts are that you would be far better off in the long run by keeping them. Just my 2¢
Seems like we are all playing the waiting game. I have property in Shortcreek and was renewed 2016 for 5 years. My nephew works in the industry and he keeps saying the minerals are there it's just a matter of time until they drill for them.
The price of natural gas is low right now so I guess I would rather wait until it improved before the royalties could kick in. I guess I would be interested to find out what kind of money people are making off their royalties with some of the local wells in our county.
Chris, Sorry for the frustration you experienced recently when trying to log onto this site. I and Others are glad you came back!
The challenges that landowners face when dealing with O&G companies is oft time daunting. However, I consider the rewards to be worth the effort. Many times it is wise to seek help.
You are correct that very little goes 100% as planned. All of my original leasing contacts are no longer with the company. Indeed, the former CEO of Chesapeake is no longer above ground.
I personally will not sell any of my mineral rights. Much of the infrastructure is now in place for the US to increase the export of energy related products. I also believe we will experience double digit inflation within the next 5 years. The value of minerals still under ground will increase in value at or above the rate of inflation. STAY STRONG!
Has anyone been approached about amending the lease extension from 1-payment for 5-years to 5 payments over the five years. Instead of paying $5,000 to extend for 5-years, they want to pay $1,000 per year for the next 5-years and if they drill before term is up then they don't owe you the remaining payments. Seems like a bad deal, but wondered what others were seeing and how they resolved, if they did.